OYO to Add Over 1,000 Hotels by December 2023
Written by Sanjay Kumar
- OYO expands support for first-gen hoteliers, adding 1,000+ hotels by December 2023.
- Exceeding targets, OYO surpasses 300 hotels for accelerator program.
- Ritesh Agarwal shared that the company projects its revenue for FY23 to exceed INR 5,700 crore.
- Founder: Ritesh Agarwal
- CEO: Ritesh Agarwal (Jun 2013–)
- Type of business: Privately held company
- Areas served: Asia, Europe, Americas
- Number of employees: 5,130 (2021)
- Subsidiaries: OYO Vacation Homes Holding B.V., DanCenter, MORE
- Founded: 2013
Hospitality technology platform OYO has announced that it will add over 1,000 hotels to support more than 100 first-generation hoteliers by December 2023 as part of its accelerator programme. The company launched the programme in March 2022 with the objective of assisting 50 first-generation hoteliers.
According to OYO, it has already surpassed its target for the first phase of the programme by adding more than 300 hotels operated by 30 hoteliers, exceeding the initial plan of 200 properties.
OYO’s Chief Merchant Officer, Anuj Tejpal, stated that since the introduction of the Accelerator Program, the company has actively engaged with its hotel partners to gather insights, address concerns, and receive suggestions. Additionally, OYO is providing financial assistance to enable expansion into new markets, with support amounting to INR 10 crores already extended.
Anticipating promising growth in the Indian hospitality sector in the coming years, OYO is now focusing on supporting first-generation hoteliers who plan to expand their businesses in popular leisure travel destinations such as Shimla, Amritsar, Udaipur, Goa, Mysore, Tirupati, Puri, Gangtok, and others. The objective is to expand the network of the accelerator program. OYO also mentioned that this initiative aligns with its strategy of increasing the number of premium hotel brands like Townhouse Oak, OYO Townhouse, Collection O, and Capital O in 2023.
OYO expects more than Rs 5,700 crore revenue
Ritesh Agarwal shared that the company projects its revenue for FY23 to exceed INR 5,700 crore, representing a 19% growth compared to the previous year’s figure of INR 4,780 crore. During a town hall meeting, Agarwal expressed OYO’s ambition to achieve an adjusted EBITDA of nearly INR 800 crore in the upcoming financial year.
In outlining OYO’s priorities for the calendar year 2023, Agarwal emphasized key focus areas. These include enhancing Profit After Tax (PAT) and maintaining a consistent EBITDA momentum. OYO also aims to achieve positive cash flow by FY24, improve cost efficiency and contribution margins, and expand its storefront presence, among other strategic initiatives.
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